Daily Technical Report
May 24, 2012
Sensex (15948) / NIFTY (4836)
Exhibit 1: Nifty Daily Chart
Yesterday, markets opened on pessimistic note in-line
negative Asian bourses and drifted lower to test 4800
mark. A minor bounce back from the lows led indices
to close marginally below 4850 mark. On sectoral
front, Consumer Durables, Capital Goods and Realty
counters corrected sharply during yesterday’s session;
whereas IT and Health Care sectors ended on with a
nominal gain. The advance to decline ratio was
strongly in favor of declining counters (A=1095
D=1618) (Source -www.bseindia.com)
Formation
The 200-day SMA (Simple Moving Average) and
20-day EMA (Exponential Moving Average) have
now shifted to 16837 / 5079 and 16532 /
5009, respectively.
Source: Falcon
Indices have now tested the 15860 / 4766 level,
which is the 78.6% Fibonacci Retracement level
of the rise from
15135
/
4531 (Low on
December 23, 2011) to 18524 / 5630 (High on
Actionable points:
February 22, 2012).
View
Positive above 4854
The daily ‘RSI - Smoothened’ oscillator is placed
Expected Targets
4938 - 4957
well inside the oversold territory.
Support Levels
4800 - 4759
The candlestick pattern on the weekly and the
daily chart represents a bullish “Hammer”.
Trading strategy:
Yesterday, the depreciation in rupee continued further
and recorded all time low below the 56 mark. This
adversely affected equity markets and indices plunged
to test 4800 mark. Going forward, there is no change
in our view that looking at daily momentum
oscillators, traders should avoid creating fresh short
positions. Traders are advised to wait for a reversal
signal in hourly chart to go long in the market. For
day traders, yesterday’s high of 16002 / 4854 holds
significance. If indices manage to cross and sustain
above this level then they are likely to head higher
towards the 16391 / 4957 mark in the coming few
sessions. Conversely, Friday’s low of 15809 / 4789 is
likely to act as a decent support in coming trading
sessions.
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Daily Technical Report
May 24, 2012
Bank Nifty Outlook - (9210)
Yesterday, Bank Nifty opened on a pessimistic note
Exhibit 2: Bank Nifty Daily Chart
and traded in a narrow range throughout the session.
As mentioned in our previous report we witnessed
extreme volatility in yesterday’s session. We are
witnessing a “Doji” candlestick pattern which suggests
indecisiveness prevailing at current levels. Moreover,
the mixed signals from momentum oscillators on
hourly and daily chart continue to suggest enhanced
volatility in coming trading session. Thus, going
forward 9296 - 9377 are likely to act as resistance
and on the downside 9108 - 9047 are likely to act as
support in coming trading session.
Actionable points:
View
Neutral
Resistance Levels
9296 - 9377
Support Levels
9108 - 9047
Source: Falcon
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Daily Technical Report
May 24, 2012
Daily Pivot Levels for Nifty 50 Stocks
SCRIPS
S2
S1
PIVOT
R1
R2
SENSEX
15,777
15,863
15,932
16,018
16,087
NIFTY
4,781
4,808
4,831
4,858
4,881
BANKNIFTY
9,082
9,146
9,221
9,285
9,359
ACC
1,106
1,118
1,130
1,142
1,153
AMBUJACEM
134
136
138
140
142
ASIANPAINT
3,612
3,645
3,671
3,703
3,729
AXISBANK
943
953
962
972
980
BAJAJ-AUTO
1,465
1,476
1,486
1,497
1,508
BANKBARODA
639
648
661
670
684
BHARTIARTL
270
276
286
292
303
BHEL
203
206
210
212
216
BPCL
707
715
725
733
743
CAIRN
312
316
323
327
334
CIPLA
304
307
311
314
317
COALINDIA
300
304
307
311
314
DLF
181
182
184
186
187
DRREDDY
1,634
1,654
1,669
1,689
1,703
GAIL
309
317
323
331
337
GRASIM
2,311
2,347
2,377
2,413
2,443
HCLTECH
476
480
487
491
497
HDFC
622
629
636
643
650
HDFCBANK
477
482
487
493
498
HEROMOTOCO
1,787
1,808
1,829
1,850
1,872
HINDALCO
104
106
107
109
110
HINDUNILVR
415
421
425
431
435
ICICIBANK
781
787
796
802
811
IDFC
115
118
120
122
124
INFY
2,282
2,315
2,340
2,373
2,398
ITC
229
230
232
233
235
JINDALSTEL
437
446
454
463
471
JPASSOCIAT
59
59
61
61
62
KOTAKBANK
518
525
537
545
556
LT
1,127
1,138
1,153
1,164
1,180
M&M
628
636
642
651
657
MARUTI
1,096
1,125
1,144
1,173
1,192
NTPC
138
139
141
142
143
ONGC
237
240
243
246
249
PNB
694
701
711
718
727
POWERGRID
101
102
104
105
106
RANBAXY
481
491
497
508
514
RELIANCE
675
681
685
691
696
RELINFRA
423
431
440
447
457
SAIL
87
89
91
93
95
SBIN
1,896
1,926
1,950
1,979
2,003
SESAGOA
171
174
181
184
191
SIEMENS
655
662
668
675
681
STER
92
93
95
96
98
SUNPHARMA
553
562
568
577
583
TATAMOTORS
256
259
262
265
268
TATAPOWER
85
87
88
90
91
TATASTEEL
390
393
397
400
404
TCS
1,203
1,214
1,225
1,236
1,246
WIPRO
375
380
384
388
392
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Daily Technical Report
May 24, 2012
Research Team Tel: 022 - 39357800
E-mail: [email protected]
Website: www.angelbroking.com
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Research Team
Shardul Kulkarni
-
Head - Technicals
Sameet Chavan
-
Technical Analyst
Sacchitanand Uttekar
-
Technical Analyst
Mehul Kothari
-
Technical Analyst
Ankur Lakhotia
-
Technical Analyst
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